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wildstorm_films · Joined: 22 Aug 2007 Posts: 130 8.74 Dollars($)

Does anyone know why there's 3 credit scores instead of just 1? Wouldn't it make more sense to just have 1 credit score? You got your transunion, equifax and I can't think of the 3rd one. A few lenders that I have spoken to always tell me "yeah we look at your mid score to determine whether you eligable or not." Ok so why 3 instead of 1 then???

larry · Joined: 27 Jun 2007 Posts: 3322 474.67 Dollars($)

Hi Wildstorm,

The three Credit bureaus give three different types of credit score to borrowers based on their individual guidelines. With the varying guidelines of the credit bureaus, the credit score keeps on varying.

But nowadays, a unified score is available which is obtained after combining the credit score of the three agencies. This unified score is known as Vantage score. With this type of score, the borrowers will get a uniform score from each of the three agencies and can avoid the three different scores. This will also give the lenders a consistent criterion to judge the creditworthiness of a borrower. To know more on Vantage score, you can refer to http://www.mortgagefit.com/credit-rating/vantagescore.html

evolovik26 · Posted: Mon Aug 27, 2007 9:56 am Post subject:

actually there more then 3 credit reporting agencies but thouse 3 are the ones that everyone reports to. Three are used to make sure that there are no mistakes and as methods of keeping them all in check.

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wildstorm_films · Joined: 22 Aug 2007 Posts: 130 8.74 Dollars($)

Ah ok experian lol. I think theres should only be one credit score. I just think its rediculous having 3 of them anyways.

miller_st · Joined: 17 Jan 2007 Posts: 918 168.95 Dollars($)

These three presently dominate as they acquired competitors & consolidated the market over time. But guess what, there are newer credit bureaus that exists and are coming up slowly like Innovis.

wildstorm_films · Joined: 22 Aug 2007 Posts: 130 8.74 Dollars($)

Are you kidding me?? Another credit bureau??

miller_st · Joined: 17 Jan 2007 Posts: 918 168.95 Dollars($)

Yeah, but as you said it is still a kid compared to the big three. Smile

larry · Joined: 27 Jun 2007 Posts: 3322 474.67 Dollars($)

Innovis Data Solutions is the new type of credit bureau. Any harmful information on the Innovis credit report could help by preventing you from getting favorable credit offers through the mail.

wildstorm_films · Joined: 22 Aug 2007 Posts: 130 8.74 Dollars($)

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wildstorm_films · Joined: 22 Aug 2007 Posts: 130 8.74 Dollars($)

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Credit score question